Jan 13, 2024 Leave a message

2023 China's Import and Export Trends and Characteristics

On January 12, the State Council Information Office held a conference on the annual import and export situation in 2023. Wang Lingjun, deputy director of the General Administration of Customs, introduced that in 2023, China's total import and export value of 41.76 trillion yuan, better than expected, to achieve the goal of promoting stability and improving quality. Among them, the "new three kinds" of products for the first time exceeded the trillion yuan mark, an increase of 29.9%.

 

According to customs statistics, last year China's total import and export value of 41.76 trillion yuan, up 0.2%. Among them, exports 23.77 trillion yuan, an increase of 0.6%; imports 17.99 trillion yuan, down 0.3%. Specifically analyzed, there are mainly the following six aspects of the characteristics:

 

First, the overall smooth operation of foreign trade, the fourth quarter to the good trend is obvious. The scale of import and export rose quarter by quarter, one quarter stronger than the other. The first quarter was 9.69 trillion yuan, to the second, third and fourth quarters are above 10 trillion yuan. To the fourth quarter is again a month stronger than a month, year-on-year growth of 0.8%, 1.3%, 2.8%, in December reached 3.81 trillion yuan, which is a monthly scale of a record high.

 

Secondly, the business main body is energetic enough, and the main role of private enterprises has been strengthened.2023, China's foreign trade business main body with import and export records exceeded 600,000 for the first time. Among them, 556,000 private enterprises, combined import and export 22.36 trillion yuan, an increase of 6.3%, accounting for 53.5% of the total value of imports and exports, up 3.1 percentage points. During the same period, foreign-invested enterprises imported and exported 12.61 trillion yuan, accounting for 30.2%; state-owned enterprises imported and exported 6.68 trillion yuan, accounting for 16%.

 

Thirdly, the diversification of trade partners, "Belt and Road" accounted for an increase in the proportion. 2023, China's imports and exports to countries building a "Belt and Road" 19.47 trillion yuan, an increase of 2.8%, accounting for 46.6% of the total value of imports and exports, an increase of 1.2 percentage points. The import and export volume to Latin America and Africa is 3.5 billion yuan respectively. The import and export to and from Latin America and Africa amounted to 3.44 trillion yuan and 1.98 trillion yuan respectively, up 6.8% and 7.1% respectively. The fourth quarter of the import and export of the European Union, the United States rebounded, the annual import and export of 5.51 trillion, 4.67 trillion yuan, accounting for 13.2% and 11.2% respectively.

 

Fourth, the competitive advantage of the product is solid, rich and active export dynamics.2023, China's exports of electromechanical products 13.92 trillion yuan, an increase of 2.9%, accounting for 58.6% of the total value of exports; during the same period, the export of labor-intensive products 4.11 trillion yuan, accounting for 17.3% of the total value of exports. The "new three kinds" of products (electric passenger vehicles, lithium-ion batteries, solar batteries) total exports of 1.06 trillion yuan, for the first time exceeded the trillion yuan mark, an increase of 29.9%. Exports of ships and household appliances grew by 35.4% and 9.9% respectively. The export momentum reflects the progress from Made in China to Created in China.

 

Fifth, domestic demand continues to recover, and imports of bulk and livelihood commodities are expanding in an orderly manner.2023, China's imports of bulk commodities, such as energy, metal ores and grain, increased by 15.3%. Among them, imported crude oil, natural gas, coal and other energy products 1.158 billion tons, an increase of 27.2%; iron, aluminum and other metal ores 1.458 billion tons, an increase of 7.6%. During the same period, imports of agricultural products amounted to 1.64 trillion yuan, an increase of 5%; imports of textiles, clothing and footwear consumer goods increased by 5.6%, and imports of jewelry and watches increased by 63% and 17.2% respectively.

 

Sixth, the high level of opening up is steadily advancing, and new platforms and new business forms are developing well. 2023, the number of China's pilot free trade zones has been expanded to 22, with a combined import and export of 7.67 trillion yuan, an increase of 2.7%, accounting for 18.4% of the total value of imports and exports; the construction of Hainan's free trade port has been deeply promoted, and the annual imports and exports have maintained a double-digit growth for three consecutive years. Preliminary statistics, China's cross-border e-commerce import and export of 2.38 trillion yuan in 2023, an increase of 15.6%.

 

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